Group 1 - Booking Holdings Inc. (NASDAQ:BKNG) is included in Ken Fisher's Growth Stock Portfolio, highlighting its potential as a growth investment [1] - Spotnana has announced a partnership with Booking.com, allowing access to Booking.com's global inventory for Spotnana partners and clients, which aims to simplify travel [2] - The integration will enable corporate travelers to access previously exclusive pricing on Booking.com, enhancing the overall traveler experience [3] Group 2 - Booking Holdings Inc. has provided a better-than-expected full-year reservations projection, alleviating investor concerns regarding potential travel demand reductions due to a US government shutdown and economic issues [4] - BNP Paribas Exane has initiated coverage of Booking Holdings Inc. with a price target of $6,100 and an Outperform rating, indicating positive market sentiment [4] - Booking Holdings Inc. is recognized as the world's largest online travel agency by sales, offering a wide range of booking and payment services across various travel-related sectors [5]

Core Insights - KAYAK's 2026 Travel Trends Forecast indicates a year of exploration driven by increased travel interest, lower airfares, and emerging global hotspots [1][2] Travel Interest and Airfare Trends - Travel interest has risen by 9%, while airfares have decreased by 3% domestically and 10% internationally, making travel more affordable [2] - International airfare has decreased by 12%, with Asia and Europe seeing reductions of 16% and 14% respectively [10] Trending Destinations - Eastern Europe is highlighted as a leading region for travel in 2026, with seven of the top ten trending destinations located there [3] - Notable increases in interest for specific cities include: - Prague, Czech Republic: up 180% - Sofia, Bulgaria: up 136% - Krakow, Poland: up 106% - Budapest, Hungary: up 86% - Tirana, Albania: up 66% - Sarajevo, Bosnia and Herzegovina: up 62% [5] Fandom and Event-Driven Travel - Travel behavior is increasingly influenced by pop culture, sports, and global events, with cities associated with major fandoms experiencing significant interest [4] - Kansas City has seen a 14% rise in interest, driven by its football team and upcoming world soccer tournament [6] Best Deals and Affordability - KAYAK's analysis indicates that the best flight deals are returning, particularly for long-haul travel, with significant drops in airfare for various destinations: - Sarajevo, Bosnia and Herzegovina: down 36% - Split, Croatia: down 33% - Naples, Italy: down 26% - Florence, Italy: down 26% - Shannon, Ireland: down 25% [6] Summer 2026 Insights - Early searches for summer 2026 show a 9% increase compared to the previous year, indicating strong international interest [7]

Core Viewpoint - Booking Holdings (BKNG) has underperformed the market since June, but the company's central thesis remains intact and successful [1]. Company Analysis - The company is focused on identifying and investing in the best businesses globally to build a long-term portfolio that can outperform the market [1].

Group 1 - The article emphasizes the author's strategy as a dividend growth investor, highlighting the importance of this approach in achieving financial independence [1][2] - The author has been investing since September 2017 and has a long-term focus on dividend growth stocks, which is documented through a personal blog [2] - The author expresses a desire to own BKNG long-term, indicating competition with other positions like MSFT, META, and MA for investment focus [3]

Group 1 - The article emphasizes the author's strategy as a dividend growth investor, highlighting the importance of this approach in achieving financial independence [1] - The author has been investing since September 2017 and has a long-standing interest in dividend investing since 2009, documenting this journey through a blog [2] - The author expresses a desire to hold long-term positions in companies like BKNG, while also competing for investment with other major companies such as MSFT, META, and MA [3]

Core Insights - Artificial intelligence is transforming hotel room search and booking processes, with platforms like DirectBooker providing AI agents real-time access to hotel rates and availability [1] - Online travel agencies such as Booking Holdings, Expedia Group, and TripAdvisor are well-positioned to leverage AI-driven booking [1] AI Impact on Travel - The CEO of DirectBooker, Sanjay Vakil, discussed AI's potential in travel, emphasizing the challenges of autonomous hotel booking due to technical barriers [2][3] Market Fragmentation - The global hotel market is highly fragmented, with over 1.1 million hotels, while the top 15 chains only account for about 4% of total supply [4] - Aggregating long-tail inventory is a significant challenge for AI platforms, a problem that Booking and Expedia have been addressing for decades [4] Competitive Landscape - Lower-cost distribution may attract hotels to new aggregation platforms, but speed and scale still favor established players like Booking and Expedia [5] Monetization Strategies - AI monetization is expected to follow paid search auction models, rewarding platforms with the widest selection and highest conversion efficiency [6] - TripAdvisor benefits from extensive hotel content and brand trust, but transactional scale continues to favor Booking and Expedia [6] Valuation Outlook - For Booking Holdings, a 12-month price forecast of $6,250 is set, based on a 2026 price-to-earnings multiple of 25, reflecting earnings growth similar to large-cap internet peers [7] - Expedia's forecast of $275 corresponds to a 17-times multiple on 2026 GAAP EPS, aligned with an expected EPS growth rate of about 25% [7]

Core Insights - Artificial intelligence is transforming hotel room search and booking processes, with platforms like DirectBooker providing AI agents real-time access to hotel rates and availability [1] - Online travel agencies such as Booking Holdings, Expedia, and TripAdvisor are well-positioned to leverage AI-driven booking [1] AI Impact on Travel - Investors are increasingly anticipating that AI agents will autonomously book hotels, although technical challenges exist that necessitate intermediaries [3] Market Fragmentation - The global hotel market is highly fragmented, with over 1.1 million hotels, while the top 15 chains only account for about 4% of total supply [4] - Aggregating long-tail inventory is a significant challenge for AI platforms, a problem that Booking and Expedia have been addressing for decades [4] Competitive Landscape - Lower-cost distribution may attract hotels to newer aggregation platforms, but speed and scale still favor established incumbents like Booking and Expedia [5] Monetization Strategies - AI monetization is expected to resemble paid search auction models, rewarding platforms with the widest selection and highest conversion efficiency [6] - TripAdvisor benefits from extensive hotel content and brand trust, but transactional scale continues to favor Booking and Expedia [6] Valuation Outlook - For Booking Holdings, a 12-month price forecast of $6,250 is set, based on a 2026 price-to-earnings multiple of 25, reflecting earnings growth similar to large-cap internet peers [7] - Expedia's forecast of $275 corresponds to a 17-times multiple on 2026 GAAP EPS, aligned with an expected EPS growth rate of approximately 25% [7]

Industry Overview - U.S. travel spending is projected to grow 2.2% in 2026, reaching $1.2 trillion, driven by sustained consumer demand and supportive monetary policy [2][8] - Domestic leisure travel is expected to expand 1.9% to $920.5 billion, while international inbound travel is forecasted to grow by 3.7% to 70.4 million visits, supported by major events like the FIFA World Cup [3] Macroeconomic Factors - The Federal Reserve's three consecutive interest rate cuts in 2025 have reduced the federal funds rate by 75 basis points, enhancing consumer spending capacity in discretionary categories, including travel [4] - Projected GDP growth of 2.3% for 2026 indicates favorable economic conditions for continued leisure spending momentum [4] Emerging Travel Trends - Travelers are increasingly seeking wellness-focused retreats and quiet escapes due to digital fatigue, while AI integration in booking platforms is streamlining trip planning [5] - There is a growing interest in literary and film-inspired travel, and road trips are resurging as cost-conscious travelers seek affordable alternatives [5] Company Performance - Expedia Group has shown a 27.2% increase in stock price over the past three months, driven by B2B momentum and margin expansion, with a projected EPS of $18.23 for 2026 [6][10] - Airbnb's stock increased by 6.4%, supported by diversification initiatives, with an expected revenue growth of approximately 9.7% to $13.49 billion for 2026 [6][15] - Booking Holdings' stock declined by 1.8% despite strong operational results, with a projected EPS of $262.93 for 2026, reflecting its dominant position in the travel market [6][13] - TripAdvisor's stock fell by 23.1% as it transitions to an experiences-focused marketplace model, with a projected EPS of $1.69 for 2026 [6][12]

Core Insights - Athletic Brewing Company is launching its Athletic January campaign to promote moderation and mindfulness in drinking, encouraging consumers to celebrate small victories and adopt a year-round mindset of moderation [3][4] - The company is collaborating with OpenTable to help diners locate its non-alcoholic brews in bars and restaurants, addressing the consumer desire for social connection [4][5] - Athletic Brewing holds a significant market share in the non-alcoholic beer segment, with a 36% share of on-premise NA beer sales in the U.S. and its top products dominating the craft NA beer market [6][12] Company Initiatives - The Athletic January campaign aims to redefine January as a month of possibilities rather than limitations, promoting the enjoyment of non-alcoholic beverages [2][3] - The company is expanding its "Ask For Athletic" program, offering a $5 rebate on purchases of its products at participating retailers from January 1 to February 9, 2026 [5][18] - Athletic Brewing is set to launch new products, including Athletic Lite Lime & Salt and cocktail-inspired brews, to cater to diverse consumer tastes and preferences [10][11] Market Position - Athletic Brewing is recognized as America's largest dedicated non-alcoholic brewer, with a market share of 52% in the NA craft beer segment, significantly outselling its competitors [12][14] - The company has received 185 prestigious taste awards over the past decade, highlighting its commitment to quality and innovation in the non-alcoholic beverage space [12][14] - Research indicates that a significant portion of consumers (39%) are more likely to return to establishments that offer a variety of non-alcoholic options, suggesting a growing demand for such products in the hospitality industry [7]

Core Insights - Wheels Up Experience Inc. has announced a new feature allowing members to self-book Delta Air Lines commercial flights directly through the Wheels Up member web portal, enhancing travel flexibility and convenience [1][2][3] Group 1: New Digital Capability - The new feature will be available starting in early January 2026, enabling Wheels Up members to access a fully integrated, self-service commercial airline booking experience [1] - Members can use their existing Wheels Up Funds to purchase commercial flights, providing greater control over their travel needs [1][3] Group 2: User Experience - The feature allows members to search for Delta Air Lines flights, view options, review pricing, and complete bookings in a streamlined digital flow [2] - After booking, members receive confirmation and their Wheels Up Fund balance is automatically adjusted [2] Group 3: Strategic Partnership - This integration reinforces the strategic partnership between Wheels Up and Delta Air Lines, showcasing how private and commercial aviation can work together [5] - The launch reflects Wheels Up's commitment to evolving travel offerings that align with members' needs [5] Group 4: End-to-End Travel Experience - The integration enables seamless journeys, allowing members to book premium Delta flights and connect to Wheels Up flights for regional access [4] - Together, Delta Air Lines and Wheels Up aim to deliver a smooth travel experience from departure to arrival [4]